The typical life insurance policy is taken on the breadwinner of the family and while it may be old fashioned, there are still families with a stay at home parent. Should this parent also be covered with a life insurance policy?
There may not seem to be any value in covering a stay at home parent but it’s important to consider the value of the services that parent who stays home provides. Those services may include childcare, cleaning, and food preparation. All of these services have a specific monetary value which is often overlooked. You should consider the costs involved to perform these services if the stay at home parent was no longer available to perform them. Life insurance coverage can help offset those costs. A life insurance policy also covers death related expenses such as funeral costs, and lost time at work.
What about Other Employment Situations?
Always consider what you might do if something happens to your partner, no matter his or her employment situation. If your partner has any kind of job it is most likely because the income is needed. Be sure to account for that income when determining the proper amount of coverage for you.